Ola opens bookings for its electric scooter at refundable price of Rs 499

SoftBank-backed unicorn Ola Electric on Thursday opened reservations for its much-anticipated electric scooter. Consumers can reserve their Ola Scooter on olaelectric.com by paying a refundable deposit of Rs 499. Those who reserve early will get priority delivery.

The firm said the Ola scooter delivers an experience with class-leading speed, unprecedented range, the biggest boot space as well as advanced technology that makes it the best scooter, customers can buy. Ola said it will be priced aggressively to make it widely accessible. The company will reveal the features and price in the coming days.

“India’s EV revolution begins today as we open reservations for our electric scooter, the first in our range of upcoming EVs,” said Bhavish Aggarwal, chairman and Group CEO, Ola. “With its incredible performance, technology and design along with aggressive pricing, it will help accelerate the transition to sustainable mobility. India has the opportunity and potential to become the world leader in EVs and at Ola, we are proud to lead this charge.”

Ola Electric and Bank of Baroda this week signed the biggest long-term debt financing agreement in the Indian electric vehicle (EV) space. The 10-year debt of $100 million is towards funding and financial closure of phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers. Ola had announced in December 2020 that it will be investing Rs 2,400 crore for setting up phase 1 of the factory.

The Ola Futurefactory is coming up on a 500-acre site in Tamil Nadu. At full capacity of 10 million vehicles annually, it will be the world’s largest two-wheeler factory.